SBI new Branch: SBI Chairman Dinesh Khara has revealed plans to open 400 new branches across the country during the current financial year (2024-25). Under the Network Expansion Plan, the State Bank of India (SBI) is gearing up to open 400 new branches across the country in the current financial year (2024-25). In the previous fiscal year, the public sector bank opened 137 branches, including 59 new branches in rural areas.
There is a need for a new branch
According to SBI Chairman Dinesh Khara, “Someone asked me whether with 89% digital and 98% transactions happening outside branches, do we still need branches? My answer is yes. It is still necessary because new areas are emerging.”
400 new branches will open
He mentioned that most advisory and wealth management services can only be provided through branches. He stated that they are identifying locations where opportunities exist. It is planned to open 400 new branches in those locations during this fiscal year.
How many SBI branches are there across the country
By March 2024, SBI operated 22,542 branches throughout India. Addressing queries about the restructuring of subsidiary companies, Khara indicated that SBI would strengthen their management before initiating any listings.
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